What is it about?

This study explores how learning about money management and setting financial goals can improve well-being, especially for African Americans. It looks at the role of financial knowledge, self-control, and goal-setting in shaping financial behaviors. The research compares African Americans and European Americans, revealing that self-control and goal-setting are particularly influential for African Americans’ financial well-being. This information could help shape programs focused on financial education and well-being improvements for diverse communities.

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Why is it important?

This study is critical because it highlights how financial education, goal-setting, and self-control can significantly impact financial well-being, especially in African American communities. Financial well-being affects life satisfaction, stress levels, and long-term stability. Still, systemic barriers often limit access to financial education. By understanding specific factors—like the importance of self-control and goal-setting—this research can inform programs and policies to improve financial literacy and support, helping underserved groups build stronger financial futures. Addressing these unique needs can reduce financial disparities and promote community economic equity.

Perspectives

I hope this article brings to life what might seem like a complex or abstract area—financial well-being and socialization—and makes it engaging and relevant. Learning about, managing, and controlling our finances aren’t just personal challenges; they’re deeply connected to the more significant societal issues of economic equity and opportunity. Financial decisions impact every aspect of our lives, from stress and health to our ability to achieve goals. More than anything, I hope this article sparks new insights into the power of financial education and inspires readers to consider how financial skills can shape individual lives and communities.

Dr. John H. Young
Clark Atlanta University

Read the Original

This page is a summary of: Factors Mediating the Association between Financial Socialization and Well-Being: An African American Perspective, Financial Services Review, June 2024, Academy of Financial Services,
DOI: 10.61190/fsr.v32i2.3513.
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